Saving & Banking

Paying for goods with your fingerprint

Going even further down the biometric route, around a quarter (23%) think they will be paying using a microchip implanted in their hand.

According to research from Nationwide Payments, 55% of Brits believe phones or watches will still be used to pay in 20 years’ time. But futurologist and inventor of text messaging, Dr Ian Pearson, doesn’t think it will be that long before the next evolution.

Dr Pearson said: “Contactless technology is a compromise, still needing to get your card close to a reader. Soon, people will complete a transaction just with a simple gesture and a few words.

“Gesturing towards someone and saying ‘Here is £13.46’ is quite enough to combine the voice and gesture recognition with the presence of your smartphone as electronic identification.

“In much the same way, typing is also an antiquated means of communicating and long overdue for an upgrade. With modern artificial intelligence and voice recognition, there is no reason why someone can’t just talk to a distant friend or colleague and they would hear them.

“The phrase, “Hey, do you feel like going for a coffee?” is quite enough to recognise who a message is for and to route the audio straight into their earphones.”

However, Nationwide’s survey, which polled 2,000 UK adults, found that many people not ready to forget existing methods.

More than half believe that debit cards (56%) and credit cards (53%) will still be used by 2037, while 43% think cash will still be relevant and 9% think that traveller’s cheques will still exist.

Paul Horlock, director of payments at Nationwide said: “We are always excited to hear about new ways of paying, whether out of curiosity or convenience. Financial service organisations need to continue exploring how to best serve their customers by balancing authentication, speed and convenience when looking at new products.

“We continue to invest in bringing new payment technologies, from contactless, to Paym and mobile payments. New innovations, such as biometric identification, are also in the pipeline as we look to the future.”

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